I'm having a last-minute punch up with my estate agents!!
I would appreciate any advise from former or practicing conveyancers/solicitors.
Bear in mind I'm between exchange and completion, so not about to pull out, but ...
Having agreed a price with my buyers, it came to light that some essential work on the exterior of the building (this is 1 of 6 flats in a converted Regency building) was due to be undertaken this coming Spring, at a cost of £5,000 to each leaseholder.
After much to-ing and fro-ing I agreed to a reduction in the sale price of the full £5,000.
It was a bit vague at the time as to how this would be handled, as my buyers, being first-timers, needed that £5,000 to be included in their mortgage in order to pay for the upcoming work.
Fast-forward to exchange of contracts, and a couple of days later I get the statement from my solicitor, which gives the sale price as that originally agreed, with an "allowance" to my buyers of £5,000. This basically enables the estate agent to charge me commission on the original price! (ie, £5,000 over what I am actually getting)
I have questioned this, and been told by the estate agent that there is nothing they can do about it! The original (pre-reduction of £5,000) sale price is the "official" one and they 'have' to charge me commission on that!!
I have indignantly stated that I am not going to pay commission for a "sale price" that is £5,000 over the 'real' sale price.
I think they are calling my bluff by stating that the whole contract will have to be drawn up again, and my buyers will pull out because they will not get the £5,000 extra on their mortgage!!
My argument is that estate agents fees are variable and negotiable, and therefore they ought to do the decent thing (ha ha) and bill me as a percentage of what I am actually getting, not the 'theoretical' figure that I am not getting!!
If they do not get back to me with a revised commission figure, I feel I will have no choice but to register a complaint with the property Ombudsman and fight it that way.
In a previous life, where a matter of £100 or so was neither here nor there to me, I may well have shrugged this off, but right now it is a significant amount to me. Actually - that aside, it is a matter of principle!
Any opinions gratefully received ladies. Please excuse the excess of quotations marks ... I'm attempting to make the explanation clearer